Author Topic: any accountants out there that i can ask a question?  (Read 490520 times)

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6069
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1120 on: September 25, 2016, 07:36:38 AM »
Just make sure they put his name in the memo.
in what memo?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6069
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1121 on: September 25, 2016, 07:37:00 AM »
That's traceable in  my book. (I'm not an accountant.) If (ch"v) you get audited, you can show why you got the money from him. So I don't think it matters where the check to you is from.
interesting
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline A3

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Nov 2009
  • Posts: 3449
  • Total likes: 95
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1122 on: September 25, 2016, 07:38:26 AM »
in what memo?
Every check has a memo line. I.e, what the check is for.

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6069
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1123 on: September 25, 2016, 08:13:54 AM »
Every check has a memo line. I.e, what the check is for.
so meaning - when he pays me back, he should write "for loan of x amount"?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7961
  • Total likes: 1044
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #1124 on: September 25, 2016, 12:32:44 PM »
so meaning - when he pays me back, he should write "for loan of x amount"?
If it comes from the points broker it should say " payment to chaim smith " , even though the check will be made out to yehuda twentyfive.
And keep a copy of the check. Although a copy often can be gotten on the bank's website.
My favorite cause: cssy.org

Offline hachover

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Feb 2016
  • Posts: 516
  • Total likes: 102
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Sector ZZ9 Plural Z Alpha
Re: any accountants out there that i can ask a question?
« Reply #1125 on: September 27, 2016, 05:14:14 PM »
I have a question. Can I share my tax returns with other people if I'm in the middle of an audit?
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline MarkS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2009
  • Posts: 3761
  • Total likes: 70
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1126 on: September 27, 2016, 05:45:15 PM »
I have a question. Can I share my tax returns with other people if I'm in the middle of an audit?
No. It's illegal according to Regulation USFG.D4..95748.$9 ;D23

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7961
  • Total likes: 1044
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #1127 on: September 27, 2016, 05:46:40 PM »
I have a question. Can I share my tax returns with other people if I'm in the middle of an audit?
Hillary checked with the IRS for you.  She says they said you can.
But she also says that the emails she deleted were of a personal nature and that she never  had top secret information on her private server.
« Last Edit: September 27, 2016, 08:46:19 PM by ckmk47 »
My favorite cause: cssy.org

Offline Jack out of the box

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Oct 2015
  • Posts: 754
  • Total likes: 70
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: ארצינו הקדושה
  • Programs: Chase UR, BA Avios, AAdvantage, UA Mileage Plus, SPG
Re: any accountants out there that i can ask a question?
« Reply #1128 on: September 27, 2016, 06:39:03 PM »
I have a question. Can I share my tax returns with other people if I'm in the middle of an audit?
Who really cares? I'll vote for the Donald anyway. (It doesn't take much to be better than Hillary.)

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7355
  • Total likes: 301
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: any accountants out there that i can ask a question?
« Reply #1129 on: September 27, 2016, 08:29:22 PM »
I have a question. Can I share my tax returns with other people if I'm in the middle of an audit?
Why on earth not??


Online yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 10469
  • Total likes: 3831
  • DansDeals.com Hat Tips 43
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1130 on: September 27, 2016, 08:37:26 PM »
No. It's illegal according to Regulation USFG.D4..95748.$9 ;D23
Really? Why? Because someone may help you beat the irs?

Offline MarkS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2009
  • Posts: 3761
  • Total likes: 70
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1131 on: September 27, 2016, 09:28:22 PM »
Really? Why? Because someone may help you beat the irs?
Because of Chiiiiina

Online yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 10469
  • Total likes: 3831
  • DansDeals.com Hat Tips 43
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1132 on: September 27, 2016, 10:38:18 PM »
Because of Chiiiiina
Sorry, don't get it. Could be my lack of sleep, or lack of time to read the news..

Offline googwallet

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1232
  • Total likes: 68
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: PA
Re: any accountants out there that i can ask a question?
« Reply #1133 on: October 31, 2016, 05:17:25 AM »
This question isn't exactly for an accountant but probably fits best in this thread. Anyone know how I can estimate the amount I will receive as a distribution from my mutual funds in December? Can I assume it will be the same as it was last year? I need to be mindful of the $3,400 cap for the EIC and I don't know how I can figure this out before it's too late.. Any help would be appreciated.

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7355
  • Total likes: 301
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: any accountants out there that i can ask a question?
« Reply #1134 on: October 31, 2016, 07:22:57 AM »
This question isn't exactly for an accountant but probably fits best in this thread. Anyone know how I can estimate the amount I will receive as a distribution from my mutual funds in December? Can I assume it will be the same as it was last year? I need to be mindful of the $3,400 cap for the EIC and I don't know how I can figure this out before it's too late.. Any help would be appreciated.
It's pretty late in the year to make changes... But cont you see how much your fund earned so far this year?

Online aygart

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2008
  • Posts: 17397
  • Total likes: 14334
  • DansDeals.com Hat Tips 14
    • View Profile
    • Lower Watt Energy Brokers
  • Programs: www.lowerwatt.com
Re: any accountants out there that i can ask a question?
« Reply #1135 on: October 31, 2016, 07:47:55 AM »
This question isn't exactly for an accountant but probably fits best in this thread. Anyone know how I can estimate the amount I will receive as a distribution from my mutual funds in December? Can I assume it will be the same as it was last year? I need to be mindful of the $3,400 cap for the EIC and I don't know how I can figure this out before it's too late.. Any help would be appreciated.
Try calling the fund
Feelings don't care about your facts

Offline yitzf

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2011
  • Posts: 2623
  • Total likes: 52
  • DansDeals.com Hat Tips 4
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1136 on: October 31, 2016, 09:55:45 AM »
This question isn't exactly for an accountant but probably fits best in this thread. Anyone know how I can estimate the amount I will receive as a distribution from my mutual funds in December? Can I assume it will be the same as it was last year? I need to be mindful of the $3,400 cap for the EIC and I don't know how I can figure this out before it's too late.. Any help would be appreciated.
If your portfolio went up this past year then you will most probably get more dividends than last year. It all depends on the underlying stocks in the fund. When the stock gives a dividend the mutual fund passes that on to you (they might reinvest it so you won't get a check, but for tax purposes it's income). The underlying stocks usually base the dividend amount on a percentage of the share price.

Online Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #1137 on: October 31, 2016, 10:36:54 AM »
This question isn't exactly for an accountant but probably fits best in this thread. Anyone know how I can estimate the amount I will receive as a distribution from my mutual funds in December? Can I assume it will be the same as it was last year? I need to be mindful of the $3,400 cap for the EIC and I don't know how I can figure this out before it's too late.. Any help would be appreciated.
your other option is to transfer to a child (or someone else) and nominee the dividends if it's over $3400

Offline googwallet

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1232
  • Total likes: 68
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: PA
Re: any accountants out there that i can ask a question?
« Reply #1138 on: October 31, 2016, 10:42:38 AM »
your other option is to transfer to a child (or someone else) and nominee the dividends if it's over $3400
Thank for the responses. The problem with this is that is that income that will be generated by selling the shares will be greater than the dividend income. I'm actually in the process of moving the funds to a Roth IRA but the income from selling these shares (which have been in the fund for over 20 years) is quite high.

Maybe I should be using a different tax method instead of average cost?

Online Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #1139 on: October 31, 2016, 10:44:56 AM »
Thank for the responses. The problem with this is that is that income that will be generated by selling the shares will be greater than the dividend income. I'm actually in the process of moving the funds to a Roth IRA but the income from selling these shares (which have been in the fund for over 20 years) is quite high.

Maybe I should be using a different tax method instead of average cost?
who said sell?